However, with some help of a third-party app or simple Terminal command (for Mac users), you can change the modified date to anything you want.
This version addresses a number of issues with Kjetil S.'s.
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The "Modified By" field should also update to match the most recent file (or folder) within the folder.
As with Kjetil S.'s solution, this one accepts file names rather than directory names to provide a much more flexible solution that the one you requested.
Learn how to restore a file, folder, or event from the Deleted files page.